Reuben Brothers bought $132M loan backing the oceanfront resort last year
Qatari firm Al Rayyan Tourism Investment Company is set to close on a $188 million refinancing for the St. Regis Bal Harbour Resort.
The loan comes a year after the Reuben Brothers acquired a $132 million mortgage that backed the oceanfront resort. The new commercial mortgage-backed securities loan values the hotel at $331 million, according to DBRS Morningstar.
Al Rayyan, or ARTIC, will pay its existing loan and will cash out $44.5 million of its equity, DBRS Morningstar reported. The loan is expected to close next week.
ARTIC paid $213 million for the hotel at 9703 Collins Avenue in 2014, in a deal that broke down to more than $1 million per room. The 27-story luxury condo-hotel includes 192 keys and 24 condo-hotel third-party-owned units that are part of a rental management program. It was built in 2011.
The hotel is in the center tower of a three-tower development on 21 acres. ARTIC invested nearly $40 million into renovating the property since it acquired the hotel seven years ago, according to DBRS Morningstar.